Fashionmall.com and GenesisIntermedia are putting off merger talks, but now plan to enter into a joint venture of sorts.

The two companies said in a joint announcement that Fashionmall.com has declined an acquisition offer from GenesisIntermedia.com.

A GenesisIntermedia.com spokesperson said the conversations between the companies ended on friendly terms in part because there could be a strategic partnership in the future.

“We’re not sure what form it (a potential partnership) will be in, but it will involve getting more people on Fashionmall.com via Centerlinq,” the spokesperson said. Centerlinq provides access to the Web through touch-screen Internet kiosks in shopping malls.

GenesisIntermedia.com, which is backed by Saudi arms-dealer Adnan Khashoggi, has a 3-percent ownership stake in Fashionmall.com, which the company spokesperson said will be sold. “We’ll be disposing of the stock over time and have sold some already.”

The company had a 7-percent stake in Fashionmall.com at the time of its offer. Some 4 percent was sold earlier this year at a 15-percent profit, though at the time, GenesisIntermedia reaffirmed its intentions in buying Fashionmall.com.

Fashionmall.com’s chief executive, Ben Narasin, declined to comment.

Fashionmall.com closed at $2.16 down 3 cents. GenesisIntermedia fell 31 cents to close at $19.13.